Champ Titles, a Cleveland, OH-based leader in bringing advanced title and registration capabilities to DMVs, automotive retailers, and insurance carriers across the U.S., announced that it closed $12.9 million in Series B funding.
The over-subscribed round, with continued support from four public companies, brings Champ Titles' total funding to over $30 million.
The funds raised will be used to enhance the company's standing as a market pioneer in the title and registration industry.
"We are thrilled that the industry has spoken: our recent large contracts and funding round are proof that the days of old, big, on prem deployments are over for title and registration solutions," said Champ Titles CEO Shane McRann Bigelow. "There is a real call for low-cost, high-efficiency, quickly enabled solutions to speed title and registration transactions anywhere in the world."
Champ Titles' SaaS solutions are laser-focused on solving the notoriously frustrating vehicle titling space. The Company's secure, patented, digital titling platform includes three solutions built for state government agencies, insurance carriers, financial institutions, and automotive retailers of all types:
- Digital Title and Registration Suite (DTRS) provides title and registration technology to states all around the U.S. and is a complete vehicle title administration solution to manage titles, registrations, liens, and dealer licensing for governments.
- Digital Title Loss allows any insurance carrier to quickly and easily acquire and dispose of a policyholder's vehicle title in instances of total loss by digitizing the process end-to-end.
- Dealer Title is a 50-state solution to enable the purchase and sale of vehicles nationally by retailers of all types (physical, online, and hybrid) who are using the service to improve their vehicle acquisition and disposition processes.
Company: Champ Titles, Inc.
Round: Series B
Funding Month: September 2022
Lead Investors: EOS Venture Partners
Company Website: https://www.champtitles.com/
Software Category: Title Management
About the Company: Founded in 2018, Champ Titles provides technology that enables auto dealers and insurance providers to issue, administer, and transfer a vehicle title in just one day. Champ Titles also replaces state DMV title and registration systems with its user-friendly software. Through the application of its secure, patented SaaS technology, Champ Titles digitizes the process of vehicle titling between state governments, insurance carriers, financial institutions, vehicle sellers, consumers, and others. Champ Titles is focused on creating efficiencies and benefits for all vehicle title ecosystem members. Champ Titles has developed several solutions, all built on a shared platform that serves different industry verticals. This common chassis has allowed the company to adapt its technology for insurance carriers, automotive retailers, and state governments, resulting in lower costs, increased security, and the easy transfer of ownership, benefiting all members of the vehicle title ecosystem.